E-commerce giant Snapdeal stated that it intends to aid sellers lift up around Rs 1,000 crore in loans via its ‘Capital Assist’ proposal.
Rolled out in the month of August 2014, Capital Assist aids sellers meet up their working capital necessity as they balance their business groups on the Snapdeal marketplace platform.
Snapdeal to assist sellers obtain loans worth Rs 1,000 crore by March next year
NBFCs and banking institutions such as HDFC Bank, Religare, Axis Bank, RBL, ICICI Bank, and L&T Finance are part of said proposal.
Snapdeal founder and chief executive officer Kunal Bahl stated, “We have already helped sellers secure Rs 200 crore in loans through Capital Assist. By March 2016, we aim to take this to Rs 1,000 crore.”
Snapdeal, which has around 2 lakh sellers on the team, had previously stated that it aspires to empower more than 1,000 of its sellers within next 12 months via this platform and expand the arrangement to 25 banking institutions and NBFCs by 2015 end.
Snapdeal, which has competition with Flipkart and Amazon, has also rolled out a report in affiliation with KPMG to emphasize the significance of the e-commerce division for expansion of the small and medium enterprises (SMEs) in the country.
The research, named ‘Impact of Ecommerce on SMEs in India’, also recognized gaps in the ecosystem, which require to be plugged to ease acceptance of e-commerce by the small and medium enterprises (SMEs).
The report discovered 85 per cent of the small and medium enterprises surveyed, who had acquired e-commerce, considered that it is a money-making medium to nurture sales.
“eCommerce-enabled SMEs also reported 60-80% reduction in distribution, marketing and sales spend to get incremental business,” the report said.